Skagen forces PPM to stop asset churn

Asset manager threatened to remove €800m from Swedish state scheme

By

Giles Turner

March 21, 2011 Updated: 12:44 p.m. GMT

A Norwegian asset manager has forced one of Sweden’s largest pension schemes to change the way it manages its assets.

Skagen Funds threatened to remove its €800m funds from Sweden's £28bn public pension plan, the PPM, if it did not halt churning within the scheme. Last week, the PPM bowed to the pressure and handed a report to the Swedish government containing a number of solutions to the problem, according to the scheme's...